Atletico Madrid have completed the £81.5m signing of Manchester City striker Julian Alvarez on a six-year deal that will see Diego Simeone’s side pay an initial £64.4m with a further £17.1m in potential add-ons for the Argentina striker.

The 24-year-old’s departure is a record sale for City, eclipsing the £50m they received from Chelsea for Raheem Sterling in 2022, and is a substantial profit for City who paid £14.1m to Argentine side River Plate for his signature in January 2022.

Alvarez said City – where he won six major trophies during his two-year stay – will always “have a special place” in his heart.

He won the treble during his debut season at the club, as well as the 2022 World Cup midway through the season with Argentina.

The striker departs Manchester having scored 36 goals in 106 appearances for City.

City start their Premier League campaign with a trip to Chelsea on Sunday.

Atletico Madrid visit Villarreal on August 19 on the opening weekend of the La Liga season.